Committed to Using Financial Resources Wisely
At the end of 2013 we worked hard to develop a Sustainability Plan with the hope that we could re-establish KSM as an important and valuable resource for the community. When we look back we feel tremendous gratitude for the trust, generosity and contributions of the community. The progress we have given us confidence about the long term future of the organization. We have established a stronger financial foundation and we have increased the value of the organization and facility to the community. We have not only been able to increase the impact of our programs we have also become an important contributor to poverty reduction initiatives across the region.
$2 million debt was completely paid off as of January 16th, 2018
We are incredibly thankful to the 50 donors that helped us eliminate our mortgage. This was an important step and helped us to eliminate interest payments and focus more resources on achieving our achieving our mission.
A Reserve fund was established in January 2019
Not-for-profit experts suggest that 1/2 a year operational costs should be retained to protect against unforeseen expenses and/or financial shortfalls. In 2019 and 2020 we managed expenses and revenues carefully to establish the reserve fund and strengthen the organizations long term sustainability.
Increased investment in Food Services in 2020
In order to provide a more consistent quality and quantity of food to our clients and to help other agencies across the region we were able to increase staff and put more effort into establishing ‘best in class’ food services. Eating healthy food is an important part of health and wellbeing and so we are excited to be able to work with other partners to ensure that all those in need have access to the healthy food options they need.
2020 REVENUE SOURCES
- Donated food valued at well over $500,000, is not included in the above.
- Percentages are based on unaudited preliminary year end numbers.
- Audited statements will be completed in April and are available upon request.
Would you like more information about our finances?
if you would like to review our financial statements.